Previous investors Bessemer Venture Partners, Emergence Capital, Sigma Partners and Sutter Ventures also took part in the funding round.

Silicon Valley Bank provided a separate $6m line of credit for the business, which said it would use the cash to develop its products and expand distribution.

Split Rock Partners managing director Jim Simons said, “Cloud business applications are in the midst of a surge in adoption and Intacct has positioned itself to be a major player in this space for the long term.

“We’ve been extremely impressed with Intacct’s execution and growth since we first invested in the company back in 2011.

“We are excited to have the opportunity to provide additional backing and help the company achieve its lofty goals.”

Hareen Equity Partners has made the fourth investment from its third fund by backing the recapitalisation of MedPro Healthcare Staffing.

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